Advanced Insulation Materials Market: Highlights
- Insulation material is a material that inhibits the transmission of heat, noise, and electric current. Advanced insulation materials, such as vacuum insulation panels (VIP), gas filled panels (GFP), and aerogel based products (ABP) are widely used in various industrial applications. These panels have lower thickness, lower density, and similar thermal insulation property compared to traditional insulations materials.
- Significant need to reduce the energy consumption of a building envelope is boosting the demand for advanced insulation materials across the globe. Various environmental agencies have implemented new policies for conserving energy using advanced insulation materials.
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Key Drivers of Advanced Insulation Materials Market
- Rise in demand for advanced insulation materials in the building & construction industry is anticipated to boost the market during the forecast period. Construction activities have increased across the globe. According to the Statistics Bureau, Ministry of Internal Affairs and Communications of Japan, the country spent US$ 30,380 Bn on construction activities in 2017; of this, US$ 16,570 Bn was spent on residential buildings, while US$ 13,810 Bn was spent on non-residential buildings. Thus, growth in the construction industry is estimated to drive the demand for advanced insulation materials in the near future.
- The U.S. is also spending significantly on construction activities. According to the U.S. Census Bureau, the Government spent approximately US$ 1,303,469 Mn on overall construction activities in 2019
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Advanced Insulation Materials Market: End-use Industry Segment
- In terms of end-use industry, the global advanced insulation materials market can be segmented into oil & gas, building & construction, automotive, power generation, and others
- The building & construction segment is projected to account for major share of the global advanced insulation materials market by 2027
- Expanding at a healthy growth rate, oil & gas and automotive segments are expected to create significant incremental opportunity during the forecast period
- In terms of volume, power generation and others segments are anticipated to expand at a moderate to high pace during the forecast period
Asia Pacific to be Key Region of Global Advanced Insulation Materials Market
- In terms of region, the global advanced insulation materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Consumption of advanced insulation materials is higher in Asia Pacific compared to that in other regions.
- In terms of demand, Asia Pacific holds major share of the global advanced insulation materials market. It is followed by North America and Europe.
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Key Manufacturers Operating in Advanced Insulation Materials Market
The global advanced insulation materials market was highly fragmented in 2018. Key manufacturers operating in the global advanced insulation materials market include:
- Aspen Aerogels, Inc.
- Advanced Insulation Limited
- Aerogel Technologies, LLC
- Guangdong Alison Hi-Tech Co., Ltd
- Armacell International Holding GmbH
- Morgan Advanced Materials
Global Advanced Insulation Materials Market: Research Scope
Global Advanced Insulation Materials Market, by Type
- Gas-Filled Panels (GFP)
- Vacuum Insulation Panel (VIP)
Global Advanced Insulation Materials Market, by End-use Industry
- Oil & Gas
- Building & Construction
- Power Generation
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